Lithia, FL · Member since 2016 · 90 posts · 4 votes
Hello, I live in Florida and I know about Unclaimed excess tax deed sale proceeds, is it legal to have a company where have my attorney draw up an agreement between me and the person who has claim to this excess money to where I tell them about this money the have claim to for a fee? because in most cases the person who has claim to this money usually don't know it.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Most properties have Mtg,s or other liens, so most have no surplus due to the owners. Many newbies trying it, experienced operators doing it, 12% max fee, doesn't seem appealing.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
This is a very, very old game. You don't just "tell them" about it, you go thru the process of collecting it for them, and the state caps your "fee" for doing this at 12%, along with other required disclosures. There are bunches of people trying it. Google up the state statutes on it, it's all there. Tax deed surplus funds...
Investor · Hollywood, FL · Member since 2016 · 123 posts · 17 votes
10y
@Steven Paul and @Wayne Brooks I am trying to get into the tax deed game. I know of people that do very well in it and I am very curious about it. Can you help me with or advise me as to how I can get off the ground? Thanks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Most properties have Mtg,s or other liens, so most have no surplus due to the owners. Many newbies trying it, experienced operators doing it, 12% max fee, doesn't seem appealing.
Developer · Panama City Beach, FL · Member since 2013 · 130 posts · 88 votes
10y
There are a ton of people already chasing down owners that are due surplus funds from tax deeds. If they are due a surplus, they are probably already getting at least a dozen letters so you would have to really stand out.
It is appealing when you have somebody who has over 200,000 or even a hundred thousand you just have to figure out what it is so you can get anywhere from $13,000 to fifty thousand and up depending how much surplus funds they have in their property I know I do here in California
The 12% you are talking about only applies to unclaimed money being held by the state. Surplus from tax deed auctions is held by the individual counties and there is no cap in the law
Most properties have Mtg,s or other liens, so most have no surplus due to the owners. Many newbies trying it, experienced operators doing it, 12% max fee, doesn't seem appealing.
Not completely true, only 12% in Florida and only on certain types of surplus